Coalition Letter Regarding Federal Reserve Transparency

05/07/2009

Dear Representative,

We, the undersigned organizations representing millions of Americans,
encourage you to cosponsor H.R. 1207, “The Federal Reserve Transparency Act,”
which would eliminate the restrictions on U.S. Government Accountability Office
(GAO) audits of the Federal Reserve.

Since its inception, the Federal Reserve has operated without sufficient
transparency or accountability to the American people. In fact, current law
specifically excludes the Fed from a thorough audit or real congressional
oversight. No government agency has such an utter lack of sunshine. The Federal
Reserve has created and dispersed trillions of dollars in response to our
current financial crisis. Americans across the nation, regardless of their
opinion on the bailouts, want to know where that money has gone and exactly how
much has been spent.

H.R. 1207 would open up the Fed’s funding facilities, such as the Primary
Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed
Securities Lending Facility to congressional oversight.

Additionally, audits could include discount window operations, open market
operations, and agreements with foreign central banks, such as the ongoing
dollar swap operations with European central banks.

By opening all Fed operations to a GAO audit and calling for such an audit to
be completed by the end of 2010, H.R. 1207 would achieve much-needed
transparency of the Federal Reserve.

Sincerely,

Campaign for Liberty
FreedomWorks
Center for Fiscal Accountability at
Americans for Tax Reform
Project On Government Oversight (POGO)
Council
for Citizens Against
Government Waste (CCAGW)
The Rutherford
Institute
Americans for Tax Reform (ATR)
Common Cause
Velvet
Revolution
Justice Through Music
International Association of
Whistleblowers
Alliance for Patient Safety
U.S. Bill of Rights
Foundation
iSolon.org
Citizens for Responsibility and Ethics in Washington
(CREW)
Citizens for Sunshine
DownsizeDC.org, Inc.
No FEAR
Coalition
Marcus Epstein, The American Cause
The Multiracial
Activist
Citizens for Health
Progressive Librarians Guild
Government
Accountability Project (GAP)
OpenTheGovernment.org
Citizen
Outreach
National Coalition of Organized Women
OMB Watch
Public
Citizen
Whistleblower Support Fund
U.S. Public Interest Research
Group
IowaTransparency.org
The Harbour League
Republican Liberty
Caucus
Changing Hearts Foundation
The Constitution Party
Neighborhood
Economic
Development Advocacy Project
Westchester Residential
Opportunities
Eagle
Forum-AZ
Democrats.com
AfterDowningStreet
American Policy Center
A
New Way Forward
Defending Dissent Foundation
Pain Relief Network
Earth
Intelligence Network
Institute for Transparent
Government
JustHealth
Liberty Coalition
Kentucky Progress
The
Woodhull Freedom Foundation
Utah Center-Right Coalition
Florida
Center-Right Coalition
Pennsylvania Center-Right Coalition
Ethan Allen
Institute
American Service Council
Public Interest Institute
Shane
Osborn, Nebraska State Treasurer
Oklahoma Council of Public
Affairs,
Inc.
Green Party of the United States
National Taxpayers Union
Young
Americans for Libertywww.CampaignForLiberty.com
1-703-347-6886
Deborah
Owens, Ph.D.,
Board Member, Buckeye Institute
Rand Paul,Kentucky Taxpayers
United

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